Nokia loses $1.7 billion, but Lumia phones kept it from being much worse(Read article summary)
Nokia's Lumia phones did well last quarter, but the company still lost $1.7 billion. Can the company fight back against the encroaching iPhone and Android?
This marks a fifth straight quarter of losses for Nokia. After 14 years¬†as the leading mobile-phone manufacturer, a position it lost earlier¬†this year, its value has dropped 64 percent this year to its lowest value¬†since 1994.
Under Elop, the company ditched its struggling mobile platform,¬†Symbian, and put its chips on the relatively well received Microsoft¬†mobile operating system. However, because the current Lumias cannot be¬†upgraded to the upcoming Windows Phone 8 OS, there is some fear¬†that those numbers will not be sustained. Elop, though, believes the upcoming phone OS is¬†an opportunity.
‚ÄúWe plan to provide updates to current Lumia products over time,‚ÄĚ he¬†said in a statement. ‚Äúwell beyond the launch of Windows Phone 8. We believe the¬†Windows Phone 8 launch will be an important catalyst for Lumia.‚ÄĚ
In addition to the Lumia, other bright spots in an otherwise dark¬†picture include North American sales, which are up 45 percent, and the¬†company‚Äôs cash position, of about $5.17 billion, is better than¬†analysts anticipated.